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Swing Capital

One 97 Communications Ltd

NSE: PAYTM BSE: 543396Finance

Incorporated in 2000, One 97 Communications Ltd is India's leading digital ecosystem for consumers as well as merchants. As of March 31, 2021, the company has a 333 million+ client base and 21 million+ registered merchants to whom it offers payment services, financial services, and commerce and cloud services.[1]

₹1,108
52W: ₹818 — ₹1382
PE 147 · Book ₹205 · +440% vs book
Market Cap₹70,918 Cr
Stock P/E147Price to Earnings
ROCE3.8%Return on Capital
ROE3.72%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 18.4% CAGR over last 5 years
  • +Debtor days have improved from 65.0 to 43.6 days.
  • +Company's median sales growth is 16.4% of last 10 years

Weaknesses

  • −Stock is trading at 5.52 times its book value
  • −Company has a low return on equity of -6.06% over last 3 years.
  • −Earnings include an other income of Rs.253 Cr.
  • −Working capital days have increased from 21.5 days to 139 days

Shareholding Pattern

Promoters0%
FIIs49.4%
DIIs23.08%
Public27.51%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs58.25%55.53%▼2.756.2%▲0.755.39%▼0.854.87%▼0.551.71%▼3.251.75%▲0.049.4%▼2.4
DIIs7.04%8.29%▲1.211.88%▲3.614.02%▲2.115.84%▲1.819.95%▲4.120.32%▲0.423.08%▲2.8
Public34.73%36.17%▲1.431.93%▼4.230.6%▼1.329.29%▼1.328.35%▼0.927.91%▼0.427.51%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,1381,6981,1491,2651,4921,5991,5861,6811,5531,005
Expenses2,3302,1931,9191,6861,7001,6801,5101,5931,4691,020
Operating Profit-192-495-771-421-208-81768884-15
OPM %-9%-29%-67%-33%-14%-5%5%5%5%-1%
Net Profit-254-566-825821-205-58163-264145119
EPS ₹-3.99-8.91-12.9712.9-3.22-9.110.99-4.132.271.86

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,825Cr, up 5.8% YoY. OPM at 4%.

Debt Position

Borrowings at ₹162Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 23.08% (+19.54pp change). FIIs: 49.4% (-22.71pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 4% (Mar 2026). Working capital days: 139.

Valuation

PE 147x with 3.8% ROCE. Price is 440% above book value of ₹205. Dividend yield: 0%.

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